OKEA takes command of North Sea Brage Field

Nov. 1, 2022

OKEA has completed its acquisition of a package of Norwegian offshore E&P interests from Wintershall Dea.

The Brage Field lies to the northwest of Bergen, Norway's second largest city.

Offshore staff

Wintershall Dea's exploration and production concessions are located in all regions on the Norwegian Continental Shelf: in the North Sea, Norwegian Sea and the Barents Sea. Nova and Brage are located about 125 km west of the city of Bergen. Maria lies farther north, roughly at the level of Trondheim, and Dvalin lies even farther north.

TRONDHEIM, Norway—OKEA has completed its acquisition of a package of Norwegian offshore E&P interests from Wintershall Dea.

In the process, the company has assumed operatorship of the Brage Field in the North Sea. More than 140 employees working on the development have moved across to OKEA, and project operations management will continue at the office in Bergen.

The deal gives OKEA a 35.2% share of the Brage Unit, 6.4615% in the Ivar Aasen area (operated by AkerBP) and 6% in the Nova Field (operated by Wintershall Dea).

Initial cash consideration, subject to adjustments, is $117.5 million, and OKEA has agreed to pay a further consideration based on an upside sharing arrangement, depending on the oil price level between 2022 and 2024.

Wintershall Dea will retain an 80% share of OKEA’s percentage of decommissioning costs related to the Brage Unit.

The three field centers should bring OKEA net production of at least 7,000 boe/d in 2023 and net 2P reserves of 13.2 MMboe. The company has identified upside potential, which it will seek to exploit as Brage’s operator.

11.01.2022